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Since 2014, Firestone Diamonds has undergone a rapid transformation, turning its focus to the development of its Lesotho-based Liqhobong Diamond Mine (‘Liqhobong’), whilst exploring ways to unlock and maximise value from its Botswana assets. With production from Liqhobong generating returns, the Company is well positioned to benefit from the shortage of new diamond mines and over time the potential decline in production from the ageing portfolio of current large scale producers coming on stream and the ongoing rising demand for quality rough diamonds.
Liqhobong was first discovered in the late 1950s, and over the past 60 years it has been through a series of feasibility studies and trial mining phases, none of which proved to be financially viable. In 2010, Firestone acquired its 75% interest, with the Government of Lesotho holding the remaining 25% and successfully completed all the required work to finalise a detailed definitive feasibility study and subsequently raised the necessary funds to begin building the mine in 2014. The mine build was completed in October 2016 and has been steadily producing ever since.